Keyword: lending
How credit scores have an impact on a mortgage
Helping explain concepts to clients One core value of practicing real estate is knowing as much about the home buying and selling process as possible and helping consumers to understand the process along with you. Sometimes we discuss what seems to be simple concepts to our clients but it just doesn’t ring a bell which is when a handy infographic ...
How is the government’s loan modification program going?
For the last year, we have been covering the government loan modification program called Home Affordable Modification Program (HAMP) and long ago labeled it a colossal failure. Has the performance of HAMP improved? Have servicers finally gotten themselves pulled together enough to stop losing paperwork? According to ProPublica who crunched the numbers, the program is a worse failure now than ...
Lenders, Liars and Losers – Observations of a Humorist
I don’t know about you, but I am on the verge of a breakdown. Why? Because I am so frustrated with the lending institutions that I have developed a drool, a twitch, and a wicked rash. I truly think the lending institutions are hindering our economic recovery. The bailout money is not translating into increased sales as far as I ...
New 2012 AGBeat media kit available now
- We know you want the most sophisticated audience, and here it is!
Move, Inc. launches consumer lending site, Mortgage Match
Today, Move, Inc. announces their newest acquisition, MortgageMatch.com. Retail mortgage banking company, Cornerstone Mortgage in Houston, TX (founded in 1988) is now doing business as (dba) Mortgage Match which is operated by Move, Inc. After two years in development, according to Julie Reynolds, Vice President of Public Relations at Move, Inc., Mortgage Match uses proprietary technology originally used for student ...
HUD guidelines are creating misinformation and scare tactics
This evening I received this forwarded email (below). It was from a local lender who sent it out, then it was forwarded to me. The lender should have read the attached letter (in the email below), Mortgage Letter 2010-28 from FHA, before sending out a scare tactic letter like this. Yes, this is an excellent time for buyers who are ...
Bills.com acquires Home-Account, aims to aid financial decisions
After already receiving several high profile investments into their “mortgage savings” company, Home-Account this week announced a sizable investment from personal finance site Bills.com, bringing Home-Account’s investment money at near $1M. Although terms of the investment were not revealed, Home-Account says they have been acquired by Bills.com. Home-Account is similar travel site Kayak.com (that compares other travel sites like Orbitz, ...
FDIC calls bank closures a short term ill but closure rates remain high
In 2007, the FDIC seized only 3 banks, in 2008 they shut down 25, and in 2009, 130 banks failed! We’re only finishing out the second quarter of 2010 and 86 banks have already been seized. Florida, Georgia and Illinois have been hit the hardest so far this year, accounting for a combined 44% of all bank closings. We predicted ...
Bank of America Makes a Bold Move – Principal Forgiveness
Change in attitude? Today, Bank of America announced that it will introduce “principal forgiveness” which will look to reduce loan balances of qualifying distressed homeowners with adjustable rate mortgages or subprime loans in an effort to make their payments more affordable. While smaller banks have already began taking this position, Bank of America is one of the first large banks ...
Do Homeowners That Eat BBQ Get Better Home Loans?
Best cities for borrowers Today, Forbes released their list of top 10 best cities for borrowers, noting that in the top performing metro areas, buyers get above average mortgage rates because in those areas, the foreclosure rates are low. The theory is that because people living in these metro areas are more current on their loans, banks are lending more ...
Congress & Obama Clueless About How to Fix the Housing Crisis
Too many chiefs? With the housing crisis still heated and stabilization seemingly wishful thinking, 2010 will continue to be the year of finger pointing and as proof, everyone seems to have an idea that they feel will fix the housing sector. All ideas seem to be aimed directly in Fannie Mae and Freddie Mac’s direction. FHFA has set new goals ...
Troubled Loans in Commercial Mortgage-Backed Securities Spike
CMBS Loans in trouble The total dollar amount of distressed Commercial Mortgage-Backed Securities (CMBS) will skyrocket to double the current number to hit $60 billion this year if the current pace is kept, according to a Credit Suisse report today. The overall CMBS market is $700 billion, so $60 billion in distress marks 8.5% of all of the market in ...
FHA Defaults Surpass 9% – Impending Doom or Just Predictable?
A historic era This year has already proven to be a news filled year for the Federal Housing Authority (FHA) as the real estate sector continues to struggle in light of a failing economy. To do their part to inject the real estate industry with life, the FHA has recently relaxed the anti-flipping rules but some argue that recent FHA ...
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